Good for Fitch Ratings…..
All this talk about EVERYTHING is ‘peachy dandy’ in the US Economy and Budget Debt is flat out crazy……
Consumer Prices ARE Up…..
The Fed KEEPS raising rates……
Gas prices are UP…..
The House RightWingNuts want to have the Government Shut Down……
The above spells TROUBLE for the Economy and Yes the US Government’s Credit…..
And Politics IS sitting in the back of this….
Senior White House officials, including Treasury Secretary Janet L. Yellen, National Economic Council Director Lael Brainard and Council of Economic Advisers chair Jared Bernstein, spent Tuesday coordinating the administration’s response, which involved striking back at the ratings agency as soon as its analysis was released.
Yet while it caught the White House by surprise, the decision to downgrade U.S. government debt after the spring showdown reflects Washington’s persistent battles over rising federal debt, now projected to approach levels unseen since the end of World War II. Fitch’s warnings, echoed by numerous nonpartisan forecasters, found that the national debt has soared and shows no sign of slowing. In justifying its downgrade, the ratings agency highlighted tax cuts and spending increases over the last several decades, and argued that it is unlikely Congress will act to rein in debt before the 2024 presidential election….